"[The proposal] calls for workers employed by the state, Illinois universities and school districts outside of Chicago to pay more, get reduced retirement benefits and retire later if they're younger than 45. In exchange, unlike in the current law, the state's five major pension funds would be authorized to go to court to collect what they're owed if the state fails to make its required annual contributions.... Under the new scheme, the state would be required to pay an extra $1 billion a year above and beyond the required actuarial level starting in 2019."  MORE >>